Thrissur: Enforcement Directorate (ED) raids are currently in progress at various State Service Cooperative Banks located in the Thrissur and Ernakulam districts. These raids were part of the ED's investigation into suspected money laundering activities associated with the Karuvannur Cooperative Bank.
A similar raid is currently underway at the Service Cooperative Bank in Thrissur, led by CPM state committee member and former MLA M.K. Kannan. Earlier, there had been reports implicating state CPM leaders in the multi-crore scam in Karuvannur. In the light of recent developments in the case, the ED is likely to expand its probe to include Kannan, who is also the vice president of Kerala Bank.
Meanwhile, the raid aims to identify persons who benefited from the Rs 300 crore fraud at Karuvannur Bank.
The probe by the Crime Branch unit of Kerala Police found that Kiran, a middleman in the fraud, received Rs 30 crores. However, the Crime Branch was unable to retrieve the sum.
ED recently raided the residence of Kochi native Deepak, who has been accused of forming 9 shell companies to launder Rs 5.5 crore. Deepak is Kiran's close friend. As a result, the ED suspects that Kiran used Deepak to launder money through the Karuvannur scam.